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Markets Now

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U.s. 19, Gm 9, S&p 8, Us 7, Exxon 6, Fha 6, Toyota 6, Europe 5, California 5, Washington 4, Egypt 4, Gaviscon 4, America 4, United States 3, The Fha 3, Connell Mcshane 3, Scott Minerd 3, Koch 3, Ralph Lauren 3, Nyse 3,
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  FOX Business    Markets Now    News/Business.  
   Business news. New.  

    February 1, 2013
    11:00 - 1:00pm EST  

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charles: a special week in review highlight reel. charles: stuart: jon stewart agreed racks and is a little -- a little out of bounds. >> amazon -- >> would you going to sue them for? sending the wrong book? charles: beyonce wouldn't sing the national anthem. that is an example. people don't take risks under this administration. >> at the craps table, the dice, let's -- what is going to happen to remove the charles: markets of pretty strong. toyota sales just came in 26% up year over year. all these auto companies do well, yesterday on donation broke out huge. auto sales of the extraordinarily well. housing coming back, job numbers look not too good. between the markets and some parts of the economic reality. tell you what. never disconnected to hear now.
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[talking over each other] dagen: i am dagen mcdowell. connell: i am connell mcshane. dow 14,000 and we found out there were 157,000 new jobs created last month. just a small desk and twelve million people looking for work. we have guggenheim's scott minerd coming up on speeding up the recovery. dagen: the national debt and not a worry. not even in that country's biggest economic problem. that is a growing chorus in this country among so-called experts but are those stinkers not living in the u.s. but in fantasyland? connell: we will talk about that and immigration reform because it has been huge topics this week. if we told you you could save billions of dollars in foreign aid to corrupt governments with immigration reform would you take that trade? dagen: super bowl feeder and counterfeiters are honest. we bring you more on a record
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$13.6 million bust in fake nfl merchandise. you got to give me a jersey, if you don't make one i will get one. connell: you will be all right. especially men wearing sports jerseys is one of my pet peeves. let's go to nicole petallides at the nyse-listed 14,000. nicole: don't come down here today because today on the floor of the nyse, support your favorite team. and the trader jackets a lot of traders are wearing their favorite jersey's. the dow four days out and we hit it, we are here, 14,000 right now, a gain of 140 points. dow leaders include bank of america and travelers and verizon and american express and at&t helping along the trend has been a good one, january, the best january in two decades. we kickoff 2013 in a very bullish fashion but a lot of
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traders think the pullback is coming. dagen: thank you. again those jobs numbers this morning, labor department saying 157,000 jobs were created in january just shy of expectations. unemployment rate picking up unexpectedly to 7.9% but that was enough to push the dow over 14,000. scott minerd, chief invested -- chief investment officer at guggenheim manages under management, what the make of the job numbers? not bad but not great? >> there are a lot of positives in these numbers. i have been bullish on unemployment last few years. the big thing that i think everybody is ignoring it is when you look at private sector growth, we have been averaging around 200,000 jobs a month and all the drag on these numbers that keep pulling them down to
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150 is really the result of the size of government shrinking and inadvertently i think the policymakers in washington are giving us what is good for the economy and that is a on a diet while the private sector continues to grow and when you compare us to the last expansion there were 150,000 private sector jobs added herman in the last expansion and in this expansion there are 200,000. believe it or not washington may be helping us. dagen: if times are so great, why is the ten year treasury below 2% on a yield? why hasn't the bond bear market showed up yet? which you were calling for last march? >> you are right. i got to tell you it has probably more to do with the craziness of central bankers than anything else?
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i was just in davos last weekend we spent a lot of time talking about the monetary policy, what is going on, how unorthodox this all is. the thing that i said to mark carney of the head of the bank of england was waived lb into uncharted waters and acknowledging we don't know how to get home we decided to sell deeper into uncharted waters. we are setting ourselves up for major problems. the fact that the fed continues to keep interest rates this low especially when i can point to lots of rosy things in the economy will have some pretty bad long-term adverse effect. dagen: when you start blazing bets on long-term adverse effects? they star shorting treasurys at this point? what do you want -- what do you want to sell? >> at this stage, shorting
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treasury last march, a pretty on fulfilling that. it hasn't hurt as much but has not been good. where do you want to go? gold is a place to store value. art which i have talked about in the past which is not accessible to everybody but it is to ultra high network people. stocks for the time being are great place to be especially in europe where there have been battered and the ecb is just getting started at the party that we have been offered the last three years. japanese stocks look very attractive. there are a lot of opportunities out there. i would stay away from treasury securities and allocate my money to risk assets and i think the party will go on for two or three more years before they realize they have to take the punch bowl away. dagen: and hang over last week for decades. 40-niners or ravens? >> who are you going to? dagen: ravens. you're going to take the other
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side. >> you are more of an expert than i am on this. what does connell mcshane say? dagen: we never agree. [talking over each other] >> aren't the dodgers in this? dagen: you wish. thank you, scott minerd. >> take a look at the staggering numbers. the u.s. spending $30 million in foreign aid. my next guest has a very interesting idea. if we embrace immigration reform you can save billions by stopping that money from going to corrupt governments. vice president of research at singularity university joins us now to explain this. you are basically saying let's invest in the people. let the people come in from other countries and instead of sending money to the government have them send money to their families. >> look at what happens when they give money to corrupt
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governments all over the world. they embrace themselves. they have individuals trickling down to the people but the u.s. never gets credit. they never hear about american money doing good for you. it makes it corrupt bureaucracy, bigger and bigger. on the other hand look at immigration. we get people coming in of rear, they worked extremely hard here, help us build the economy, help us make america strong brand more competitive and then they go back and send money to their families over there, look at this amazing country, freedom, democracy, free markets and look how much success i have achieved over here. don't you want to be like this? connell: it is called remands it you come to the united states and the total was $120 billion from immigrants sent back or migrant workers sent back to their families in their native countries so obviously that is a big round figure. we would still be as the government giving aid to foreign governments, wouldn't we? it would not necessarily solve
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that problem. you just think we should change course. >> i would give disaster relief when rear earthquake in haiti if that is the way you want to do it and giving billions of dollars to these governments to buy military goods or to buy other stuff, this is ridiculous, it really does go to corrupt officials versus the people. it is the wrong way. when you bring people over here goes to the lowest levels and we create millions of ambassadors talking about american ideals. connell: an economic argument for immigration reform. maybe not the only one but make that argument to us because we haven't heard it as much this week as we should. immigration reform is an economic boost. should we say that? >> it could be if we did it right. i don't trust the government, our politicians not to screw something up over here. there is hope that we may get a sensible bill which gives the economy a huge boost because you
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have millions of people not participating in the economy in a meaningful way, hoping to bring skilled immigrants and start creating jobs by starting companies. a lot of good can come from that if we don't screw it up but if we do that, the other side benefits by bringing in these great people, they send money abroad and now become american fans like we're doing it. connell: the money is coming from relatives here. good argument from your point of view. thanks for coming on. >> all the best. dagen: let's talk about operation red zone. the government and the nfl team in gupta crackdown on counterfeiters at this year's superbowl. they have already netted millions of dollars in fake merchandize and connell mcshane won't where the real stuff. connell: somebody else's jersey -- won't say they deserve it the government debt, experts have said that this is not the biggest economic concern. a big article we will talk about coming up. we have other things to worry
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about. not so bad. how about that? that is coming up. markets now, stockmarkets whether 14,000 on the dow, $97.63 for a barrel of crude oil. much more to come. ♪ [ male announcer ] how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus
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dagen: u.s. immigration enforcement announcing a record seizure of fake nfl merchandise close to $14 million worth. all of this that of the big game on sunday and joining me now the folks behind operation red zone is director john morton and nfl vice president for legal affairs and to start with you, talk to consumers out there, why should
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they care? >> they should care for number of reasons, counterfeiting is a crime. and consumers, excited about their favorite players and the super bowl getting scant and duped by counterfeiters, on the enthusiasm of the game. dagen: part of a seizure of merchandize, in rhode island, and you focus on web sites that are selling counterfeit merchandise as well. how have your resources shifted to the internet? >> this is a global problem and the internet has made it more of a challenge. we were working in every state and most countries around the world and we have gone after 300 websites offering counterfeit merchandise run by organized criminals. there is nothing legitimate about them. very fraud from start to finish and we took an down and took 23
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people down in the united states and as we noted we seized $14 million of counterfeit goods. dagen: when you have a lot of other things on your play, running immigrations and customs enforcement do you think this is a good use of resources in terms of manpower and money? >> i sure do. counterfeiting is an enormous problem for the united states. our economy thrives on innovation, doing things first differently, better and if you have organized criminals in asia and other parts of the world's they will undermine everything you do right away. it hurts the economy. remember these guys aren't paying taxes or investing in people or investing in the next iphone, they are not trying to put the super bowl on, they are criminals. when you buy something from these people your money is going to organized criminals overseas. dagen: how do you drive that message come from nfl fans?
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if i want to stick jersey, nike wasn't making one, i am going to go out and find it some way somehow? >> that is a great question. we work with licensees to make sure there's merchandize the fans want that are available for them at every price point. so that they are not tempted to go out and buy something from a counterfeiter. we work hard with licensees and local businesses in new orleans and elsewhere to make sure we can meet the demands. dagen: designed it to go to the game since he is in frugal in this crackdown on counterfeiters? did you get him a ticket? >> we would love to have him. dagen: i would buy a plane ticket and 5 were you. john morton and anastasia daniels on the crackdown nfl merchandise or counterfeit merchandise. connell: back to the markets, doubters in thousand and addition of stocks. what we looking at? nicole: looking at the latest which is the new ipos today spun
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off from pfizer which has been spinning off other units and he remembered a spun off the instant nutrition business and spot of animal health. here's the latest today, great idea 0. that is almost 19% at the highest point, thirty-one seventy-four, this particular company, animal medicine for livestock, vaccines and work directly with the veterinarians. we have the ceo on earlier today and they didn't bring them -- they brought little puppies. this is what happens, looks just like mine. a chicken and a cow. dagen: huge multibillion-dollar business. huge business. connell: big news overseas. bombing in front of the u.s. embassy in turkey and that is adding to the stress in the middle east and the tension we
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have been talking about last few days. we talk about foreign policy having an effect on energy markets. john bolton is coming on. he will be here in a moment. dagen: we will focus on the dow above 14,000. how is the dollar holding up? look at the dollar weakness, look at euro that is almost $1.37. that ultimately is not good for the country. [ male announcer] surprise -- you're having triplets. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission. [ coyote howls ] how about no more surprises? now you can get all the online trading tools you need without any surprise fees.
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>> 21 minutes past the hour your fox news minute. former new york city mayor ed koch has died, he brought the city of near bankruptcy in 1970s and all for the 1980s. the outspoken native new yorker became a national figure with his enthusiastic and often combative personality. he died of heart failure in manhattan. mayor koch was 80. in china of the highway collapsed sending 2 dozen vehicles plummeting more than one hundred feet. the official chinese news agency reporting nine people are confirmed dead. in turkey two are dead after an explosion and the u.s. embassy in ankara. homicide bomber expected--believed to be from a marxist extremists groups that
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explosives at a side entrance checkpoint killing himself, a turkish security guard and injuring a female turkish journalists. military sources tell fox news estate at this time. those are your headlines. connell: we will stay with that topic here and look at you oil market with tension in the middle east and the bombing in turkey outside the u.s. embassy worth $98 for crude oil although i will point out oil has been going that mostly on optimism about global economic growth certainly today, stock markets up, we'll following that. as we bring ambassador john bolton, former ambassador to the united nations, what should we know about turkey? >> turkey has had extensive economic growth in recent years under prime minister erdouon. they have been fundamental on religious issues, it was investor friendly and they have been receptive to outline in -- outside investment. we need to know more about the identity of who conducted this
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terrorist attack. i am not sure i'm willing to go with the turkish government argument, that it was an extremist group. why would they take the risk of attacking the american embassy? that is why i don't think it is the kurdish independence movement. i think it is likely domestic al qaeda or some al qaeda element spun off from the situation in syria. connell: with the memory of ben got the fresh for many people after the attacks in september you would think the embassy security, are we making the right moves that we need to make on that front? >> people are more alert now. that is the most important thing but remember the fundamental defense for the embassies, consulates and diplomatic personnel is the host government. that is their responsibility. here it looks like our perimeter security work. we lost a security guard but that is inevitable that whenever the outer limit is. that is the most dangerous point. what we should be thinking about is the risk not just to official americans but the private citizens, we have many people on
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business, tourism, religious reasons, dual citizens and if the terrorists are taking a lesson from benghazi and attacking american facilities there is a real risk it could spread. has been four months since the attack in benghazi and we have done nothing in response. connell: we will have new leadership in the foreign policy apparatus, the president states his name. i would like to get a quick comment from you about shut hegel, not confirmed yet and maybe won't be a slam dunk but looks like democrats have thee votes to concern -- confirm the defense secretary, quite a hearing yesterday and john kerry as secretary of state? >> assuming judge cahill is confirmed i think the second obama term will be basically the same as the first only worse. i think the risks that we have from a president who is not concerned about american decline, does not pay adequate attention to national security, who is very comfortable walking massive decreases in the defense budget, our adversaries have seen that pattern in the first
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time, they have rear calibrated their policies accordingly and the risk is the pace and scope of challenges we face will accelerate. connell: what worries you the most? >> the two broad themes that we should be more worried about are the continuing war on terror which we now see spread across north africana and in the middle east and turkey and proliferation of weapons of mass destruction. the iranian nuclear weapons program, let's not forget the north korean nuclear weapons program where they may be approaching a third nuclear test. connell: we will leave it there. a lot going on around world. thank you, appreciate it as always. dagen: thank you. the government debt, people saying this is not the biggest economic concern we have right now in this country and then we talk about some cars, ford, chrysler, gm, strong sales numbers for the month of january, more to come with gas going up and speaking of not
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losers but winners, here is some from the s&p.
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dagen: bottom of the hour. stocks now and every 15 minutes. nicole: the drug index is higher. when you take a look at rite aid and merck. rite aid has been higher today. it announced it has begun a series of debt financing
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transactions. this is certainly something that is very important for rite aid. here we are at merck. merck is down 2.8%. they have actually delayed plans to seek regulatory approval for an experimental osteoporosis treatment. those are two names related to drugs. of course, the vix, the fear index has pulled back. there are plenty of green arrows across the board. connell: thank you, nicole. the debt crisis in this country that you hear so much about may not be as dire as we originally thought. we are joined by a chief economist now. a big headline in the los angeles time this morning that u.s. debt worries are not so
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dire. i am sure we could dial up a guest in a heartbeat that would come on and start screaming about that. maybe there is something to that and we have been making too much of it. what is your take, anthony? >> i think that we are making progress. both democrats and republicans have shown some willingness to get serious on this issue. if the progress continues, longer-term as america is aging and you have all those unfunded pensions and you have the bid bowled should in healthcare spending and things of that nature, i think we have to buckle down and certainly continue and not give up the excitement of trying to lower these deficits. connell: that means the problem is not, as you say, tomorrow's
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problem. what is a reasonable timetable for when the deficit and the debts are a big, big problem? >> i think in my view, it is as far as the eye can see. we are always thinking about a ten year horizon. we need to broaden not out even further. when you do that, the problem becomes a lot more acute. with a debt to gdp ratio, it is not so serious compared to other countries such as japan. it just is not as dire as the headlines suggest. connell: when do we deal with it? is there something to this argument to spend more money so we can create jobs? what is the timetable for when we actually should deal with it?
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>> i think that if you ask me do we have to do with the problem and the next three months or the next 30 seconds, the answer is no. the economy is growing below 2%. in that kind of an environment, you have to continue to be supportive. when you look at the payroll tax, that takes a considerable chunk off. you have to sequester that will take off an equal amount. we have to be careful not to overdo it. connell: the payroll tax, we have seen some confident numbers this week. i do want to bring it back to the present day, literally, and get your take on the jobs report
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what is your take? >> the upward revisions, as you say, are spot on. believe it or not, the unemployment rate picks up while we are still creating jobs. it makes the federal reserve more anxious to continue to support the economy. i do not think the details of it were bad. let's not lose sight of the fact that the three-month moving average is much stronger than it was. the fundamentals really do not look that bad on this report. connell: that is important. anthony, always good to have you. thanks a lot. >> pleasure. dagen: next, we are talking
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cars. the auto makers reporting sales for last month and still going strong. connell: we will talk about the apps for the super bowl this year. we were just below 2% earlier on the treasury. the dow 14,000. we will be right back. ♪
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♪ >> i am lori rothman with your fox business brief. meanwhile, the unemployment rate picks up to 7.9%. the economy added 335,000 more jobs than initially reported. shares of merck, meantime, under pressure. lower fourth-quarter results to boot. revenue fell more than 4%. that also topped expectations.
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michael dell will take the majority ownership of the pc maker. that is the latest from the fox business network. giving you the power to prosper. ♪ you turn for legal matters? maybe you want to incorporate a business. orrotect your family with a will or living trust. and you'd like the help of an attorney. at legalzoom a legal plan attorney is available in most states with every personalized document to answer questions. get started at legalzoom.com today. and now you're protected. otherworldly things. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪
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dagen: we promised you some car talk here for the next few minutes. pretty strong sales numbers for the month of january. continuing to push the economy and the right direction. jeff flock is all over this story in chicago. jeff: good morning, folks. you know what, it is not reflected on this month job numbers. let's take a look. this time the u.s. automakers
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not left out of the party at all. toyota was up 26%. gm, we will get the full details do it, i just listened to the conference calls, gm has strong sales. vw, which is having its best january fitz gerald ford was in the white house, is up 6%. i know a lot of people were skeptical about car stocks. if you had bought toyota, gm and ford six months ago, check out where you would be right now. gm up 46%. toyota and honda, you could buy those stocks and also be up more
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than 25%. i tell you, you know, there is a lot of ambiguous news about the economy right now. it is not ambiguous when it comes to the car industry. it is cranking on all cylinders right now. dagen: i like that. jeff, thank you very much. jeff: corvette girl. dagen: yes. or something else. we heard this from general motors and ford, truck sales. why? >> usually not that strong in january. it is because of the improving economy. businesses just need these kinds of vehicles. they have been flat the last couple of months.
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dagen: more of a third of the pickup sales at gm went to small businesses. that is great news. rebounding construction will help pickup sales. >> pickup trucks are a little more fuel efficient than it used to be. the fact of the matter is, you need pickup trucks. a lot of the trucks on the road are ten years old. people need to replace them now. dagen: speaking of aging fleet, chrysler has had that 34 months of games, is that the most -- in terms of a refresh? >> two years ago when they were bought out by fiat and they have
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that one year where they refresh. much everything in their lineup, that is not -- that is now two years ago. even the cars that they have now have been, at least, for them, selling much better than two or three years ago. dagen: which do you think has the most legs for these automakers? >> it is pretty clear that the ford fusion is a huge hit. this is one of the best looking cars. i will not say it is the best car. the new honda accord and nissan altima are great cars. this one just looks so good. sales are up 65% from this time last year.
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that is unheard of. dagen: it is completely different looking than it was a few years ago. they look great from the outside. the next aisle and technologies very important. dagen: super bowl ads, do they matter? >> i think they do. a lot of them will follow-up. if something does well, they will do more throughout the year. it is a very expensive buy and you may not have to buy in the game itself. you can buy during the pregame and it falls under that super bowl ad umbrella. people are talking about bw. who knows, maybe they will
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change things up a little bit and end up saving themselves. dagen: fair enough. good to see you. be well. we will talk to you soon. connell: quarter till the hour. let's bring the callback. nicole: looking pretty good here. oil and energy. i want to take a look at a couple of names that reported their quarterly numbers. exxon and chevron. they are both dow components. exxon is in the red. chevron has a gain of nearly three quarters of 1%. they both came out with their numbers. let's talk about exxon. they did see strong profits. they did see revenue in the period drop and also a buyback
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there. chevron, as well, they came out with double digits. connell: all right. dagen: benefiel calling a play of its own before the game this sunday. connell: some football technology for shibani joshi. shibani: i certainly found something with this one. are you ready for some football? there is a lot of behind the scenes work. taking a look at the stats, they have some big work ahead of them. 111 million viewers are expected to watch the game. more than half of the viewers will use a smart phone. that creates a lot of data.
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the nfl's ability to collect, axes, swords and share all of the data will be critical in getting of the best user experience. they are making sure we do not have any interruption with our super bowl on sunday. take a listen. >> this is the first time or even close that we will see this kind of thing. it is just advancing the nfl's capabilities. it will give people the best access to data. shibani: according to -- more than half of the actual viewers of the super bowl this year will access. we are talking about two screens. one on the big screen and one in
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your hand. that means tremendous amount of data. lots of ways you can connect and interact with the game. connell: looking forward to it, shibani. dagen: i have my favorite app. it is the sprint nascar app. you can listen to the races. shibani: that will not help you on sunday, though, dagen. connell: thank you, shibani. good stuff. we have been talking about the housing market. dagen: we have a dow that is almost out 14,000. here are some winners on the nasdaq today. ♪
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connell: almost spring here. just weeks away, really with the new fha rules that can make home loans more expensive. dagen: it is already at the start the season down in florida. rich edson has the story. rich: more than 16 billion in the red. to address the shortfall, the fha is increasing annual mortgage premiums on most of the mortgages it insures.
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still, lawmakers say congress needs to overhaul the fha. they host to hearings in the next two weeks on the issue. in a statement, the fha is broke. bailout probe. we need a sustainable mortgage finance system that gives working americans a chance to buy homes they can actually afford to keep. >> short-term, absolutely. they could ba, you know, advanced against the treasury. long-term, i think that is instant -- instant. rich: way above its average at about 5%.
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connell: pushing retirement off for a few years. many citing financial loss as a driving force behind their decision to stay in the workforce. 42% of americans plan to push retirement off. dagen: grand central terminal turns 100 years old today. it opened back in 1913 after ten years of construction and the cost of an equivalent in today's dollars $2 billion. 3 million people pass through it every single day. marbled halls, restaurants, of course, the oyster bar, if you
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have not eaten there, something is wrong with you. the iconic station holds there is the events and exhibits. it is a tourist attraction. one of the top three tourist attractions after the apple store on fifth avenue and the statue of liberty. connell: it is beautiful. dagen: it is truly breathtaking. connell: no offense to penn station. dagen: it is a toilet bowl. the bottom of the bowl, actually. dow 14,000, baby. connell: that is cheesy. [ laughter ] connell: all-time high, 14,164. don't play the bulls anymore. we have to stop doing things like that.
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"markets now" continues in just a few minutes. ♪ core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers.
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♪ connell: hello, everyone. if you need some time it's now. next up, new dow record with blue-chip crossing of 13,000 -- 14,000 threshold closing another all-time high. take a look at how the bull rally is going to make use the money coming up. dennis: and the markets are rising despite an uptick in the unemployment rate. wall street is betting that things are getting better. our power panel is ahead. cheryl: making money on the cloud. the ceo of the biggest computer data center will be here. dennis: and this provocative ad generating a lot of buzz online. but the head him why you might not see it in sunday's super bowl after all. oddities.
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cheryl: i hate that. just awful. stocks every 15 minutes. you know, right as you were starting the show, once again come hitting that 14,000 mark and we are sitting right on it. >> reporter: we are sitting right on it. industrials cooperating. that is true. that is our lead story. jobs and other sales. we are back to that 14,000 level after having been there in 2007, dipping down. back again. transports are services to all higher. traders think that we are overbought. however, they are not complaining. most of those out there. let's take a look at a name like dow which certainly has been quite volatile and headline driven. right now it is up over 4% at this moment and as we continue to focus on the fact of the company may make a deal to go private, and we may hear that as soon as next week as the chief
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executive. we will continue to follow that story. dennis: thank you very much. back to those job numbers. the u.s. economy created 150 that -- a hundred and 57,000 jobs in the month of january. the unemployment rate ticked up just a little. with reaction let's bring in chief economist. johnny ruby, employment industry adviser. vestar with you. overall that number, not a very good one. >> it's not. it's a negative number, but it sure would be a lot better if it was north of 200,000. we did get good news in this job report that they actually revised the numbers for november and december which actually shows that 2012 is a much better year for job growth. still concerning. dennis: last year we added 30,000 jobs more each month than
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we ever realized. but how worried are you about the fact that the unemployment rate ticked up? >> i am concerned about the whole thing. one positive in this which is that nice provisions support for last year. let's look at the numbers. the 157,000, well below expectations. well below december, way below november, so it is trending down. an employe of a great sticking up to my participation is still hovering near the low, the 80's. wage growth is just about flat with inflation. what is to like about this report? at the markets like it because it means that the fed is going to keep quantitative easing going in boosting does as the prices. dennis: the weakness itself becomes attractive. of this that happened in dating lives more. what kind of jobs are we talking about? not enough in manufacturing well energy is booming? >> i am a little bit concerned. we saw that in adp report released earlier as well as
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today's bls report. we are just not creating enough jobs in the manufacturing sector. that is where we lost, you know, thousands and thousands of jobs during the recession. it is showing that the u.s. economy, we are not creating enough innovation and new products. dennis: how much of this is because, you are lacking courage in not investing versus government policies discouraging businesses from investment because of higher taxes and exceptional. >> there is a lot happening here. some jobs may have been outsourced or gone overseas. it is cheaper to maybe manufacture products, you know, in china or asia. your sale of that. at the same time is there enough tax incentive for policies to get some of these small and medium-sized businesses to invest and manufacture more in the u.s.? at do think that is an issue. where we are seeing the job growth is still in the services.
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dennis: and we just raised the income tax rate on small businesses and a tiny sliver that make up something like over half of all profits earned by small businesses. this is one of the worst recoveries of all time for recession. do you think that government policies are playing a bigger role in this or is it just tectonic shift, plates shifting as remove to a new economy? >> i think that government policies have been more of an impediment in this recovery and help. particularly not just this year. you see the tax cut marginal tax rates going up. that is a negative. more importantly is that social security tax going back to its previous levels, that is hitting 77 percent of americans and will be a significant drawback. now you have continued uncertainty over spending cuts. this was going to happen when it comes down to it? they're going to delay the cuts again, continuing to have uncertainty premises is just a real impediment to hiring.
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cheryl: -- dennis: one reason, they're doing a lot of to umpiring. do you think this will stick around even after we reach a real recovery? >> said the companies are hiring differently. they want more flexibility in the workforce. you can see from this recovery the last three years, temporary labor has really been an increase. it has been above the last three years, and it is a begin this month on the year-ever-year basis telling you that companies want more flexibility to my airing differently. not just the low level. is the higher level. dennis: and when you have a job assignment that you see in this, you don't spend at the same rate you do when you have a supposedly permanent job commitment. >> and we also saw this week in the consumer confidence numbers that people are feeling this payroll taxes, and that is going to affect spending as well. dennis: great job. thank you for being with us.
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have a great weekend. cheryl: she makes a great point. in the market today, their liking these job numbers. 141,007. looks like we're heading for record high. a lot can happen in the next four hours of trading. let's and if we can hear. this seems like we are hitting a big level of resistance. trying to get the 1500, trying to get to 14,000. one jobs report enough to keep us at these levels, do you think? >> from the standpoint of the stocks of double the last four years over the face of half a trillion being pulled out during that time. in january people will wake up tomorrow morning and say tamale smokes, the dow was at 14,000. i have to get back to the stock market. that is a psychological barrier.
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cheryl: if you looked at history , positive january to may 80 percent of the time you have a positive year, but the concern of the other side has got to be history in the last three years has shown a great start to the year. here comes august, september, and the wind is taken out of the sales. >> our own debt crisis, these combat dennis and i were talking during the break, this seems to be somewhat of the table. cheryl: the stock but huge record numbers. we got exxon's earnings. looking at those. tax burden. also looking at other companies that you like besides exxon mobile, and i want to get these out. you like allstate insurance, new york mellon the bank, financial industrials tell us something you have favored. financials, first of the year find of a sudden death of the year. >> said think we're going to start to see it play out that these this financial's don't do
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a lot of lending and insurance companies. you know, the big banks, they have gotten ahead of themselves. i am not a big fan right now. financials, the sectors will have the best earnings growth of any sector. cheryl: we discussed all the earnings. they said a very strong. but at the same time, you get, again, bank of america. there seems to be this crazy split between good banks and bad banks from a stock perspective. >> that is one reason that makes the big banks a bit risky to invest in big is the stock prices have all run up, but if you have any consistency in the margins and the inconsistency. just the voluminous disclosures that are coming out. so --
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cheryl: set to be too much of a demi downer, at the same time, consumer sentiment, gdp contraction. it was supposed to grow by 1%. initial jobless claims yesterday. we need 4 million more jobs. >> the four month moving average on jobs has been revised upwards of 200,000 per month, so for the last four months even with the negative economic news you pointed out, this job market is strong rhythm we thought, and that is going to be in the consumer spending and should help improve some of those other consumer sentiment and some of those other things he pointed out. cheryl: we're going to cut jobs. that has been the trend that we are seeing. do you think that preparations will really truly add to the books this year or have they learned to do more with less? >> i think at some point ceos
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are so lean right now and that so much cassandra going to be worried about the competitive positions in expanding economy. even though they talked about temporary help, but at some point they want to reinvest. cheryl: it will be higher. >> sure. even with that at think there is an advantage to permanency. cheryl: good to have you. nice. dennis: we are writing that ball run. more ahead on stocks that could make you money. the high prices have to collect. live with how much higher prices may go. dennis: american cars. we will run down the numbers and how the stocks are doing. dennis: speaking of gasoline prices, 95 and 67. moving higher.
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cheryl: all right. here we are. a lot of green on the screen. the only dow component in the red right now. flat line in just a little bit a few moments ago, but we, again, are trying to cross that 14,000 mark right now on the dow. stocks now, of course, every 15 minutes. and as bull market on our hands today. we will see how we close, but let's get team coverage going to give you some perspective. oil and gas prices biking. also in chicago. first we have nicole on the floor of the new york stock exchange. again, sitting on that -- again, i see the level of resistance. >> and it is overhead resistance you start to get to the levels that we're seeing today, setting milestones for 2013.
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dating back five years ago to the levels that we have not seen since 2007 when there was that bull market that was celebration in happening, only to have it all collapse. as a that was a really tough time for americans, and now once again, as suspected traitors and speak to people on the street, everybody is pretty happy that we have run back up. they're almost recouped most of their losses. the dow up 138 points to the not too far off which is already cost. the s&p 501,005. traders are very, very skeptical and tepid at these -- at this area. cheryl: phil flynn. >> reporter: are bought gasoline futures may have seen the biggest one day retail jump in almost two years, and the futures are continuing higher. part of that according to the cost of oil. the cost of oil has had an incredible run. the biggest and almost all the months, and it is continuing higher, but the market that is moving today, the pipeline
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problems. slowing down the flow to the refiners of the gulf coast and the keeping the wti week and that crude strong. other big news today, dr. steven chu decided to step down as energy secretary which is a big story. a lot of traders, they know him as the energy secretary that can split an atom but did not realize that opec was his domain. now, over to jeff cannot vacillate flocked in autos. >> reporter:, tell you, you might think that because of our bought that would have a chilling effect. carmakers are making so many more fuel-efficient models, that is not having an impact. take a look at the stocks, first of all, because that is was driving, part of resolving this bull market, these positive of the sales numbers. toyota with a big run-up to over 2% because to your had much better numbers every dot. here is a little bearish piece of news.
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didn't have exposure in europe. europe's car sales, specifically france which sometimes focuses on u.s. sales. we forget that all the rest of the world sells cars. the impact of the european market. for example, ford, january sales in europe down. france pacific down 35%. gm down 21%. if you just think it was the americans cannot really. down 20 percent of the positive news is that soaring auto sales. toyota up 26%. for 22%, gm 16%. great to the great numbers for the u.s. automakers and a a very tough month. what some people see as a tough month, but i tell you, things have not slowed down. to return where we started back to stocks, if you bought of those stocks six months ago, a lot of people were pooh-poohed it. gm is up 43 percent over the past six months. ford up more than 40 percent, and to reassess and honda.
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on the stock's value should have bought them. cheryl: glad you're showing those numbers. just passed the block out of chicago. >> i like it. dennis: breaking news. these are live pictures from outside the presidential palace in cairo, egypt. 10,000 protesters to weigh in against the mohammad morrissey regime and the new non confidence and that has been approved. we have been monitoring these pictures and what appear to be flares and fireworks being shot off. we will keep following that and bring you any developments as they happen. cheryl: oil prices in particular. well, does the government always have to get in the way? this spring real-estate market is coming soon, we are going to look into fha rules that could move sales back lower. dennis: plus, former new york mayor ed koch debt and 88. ♪
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♪ dennis: more on those rather
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fierce protests outside the presidential palace in cairo, egypt. these pictures from a few moments ago. 10,000 people there to protest against the regime of mohammad more sea and the new constitution that has been approved. we have been monitoring these pictures and what appears to be flares and net being shot off. we will keep following this. the military leader is warning he is worried about the collapse of the entire country, wondering whether the military will intervene. now let's go to rick with the fox news minute. >> reporter: there is news out of turkey where two people are dead after an explosion at the u.s. embassy in ankara. i half suicide bomber detonated if closes'. military sources telling fox news that all u.s. staff are safe at this time. the white house is calling the embassy attack an act of terror. mexico city, 32 dead, 100 injured after the explosion at the headquarters of mexico's
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state-owned oil company. the blustering in a basement building next to the 51 story petroleos mexicanos tower that caused all the explosion remained unknown. former new york city mayor ed koch has died who led the city of near bankruptcy in the late 70's and alter the 1980's. the outspoken native new yorker becoming a national figure during his three terms in office. died manhattan at the age of 88. cheryl: they give very much. the start of the all-important spring house selling market is just weeks away. new fha rules could make home loans a lot more expensive. dennis: that can hurt the housing rebound. rich edson has the latest from inside the beltway. >> reporter: that and what to do with federal housing finance all on texture and washington. the federal housing authority administration providing government insurance to more than a trillion dollars in mortgages. latest reports saying fha is in the red by more than $16 billion.
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fiscal situation could become worse. with that, the fha is increasing annual mortgage premiums by one-tenth of one percentage point on most of the mortgages it insures and requires borrowers to pay back the entire life of the lawn. still with, the government on the up for some 90 percent of the mortgage market. the top republican on the senate banking committee aleurone peter barge yesterday in an exclusive interview that a housing overall is on the way. >> fha report is a part of that, and i would like to see as focus very aggressively in a broad sense on capital formation. too much capital on the sidelines because of what i perceive to be a climate in which business just does not know what the rules are going to be. >> reporter: across the house financial service committee and hosting a pair of committees and the fha. analysts are skeptical. congress accomplishes much on housing, major budgeting tax and spending issues, dominating the congressional schedule. back to you.
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cheryl: all right. thank you. well, we have been talking about it all morning, and here we are. 13,991, but the dow today entered a crossing the 14,000 mark, heading for an all-time high. now you can keep the bull run in your pocket book and make a little cash. dennis: super commercial bowles. ads sponsored with millions at stake. highlights coming up. first, take a look at today's s&p winners in a be a loser to. ♪ ♪
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♪ cheryl: we want to bring you more on breaking news we're falling out of egypt. live pictures. this is outside of the presidential palace in cairo,
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egypt. to a dozen protesters very upset with president morsi and the new constitution that has been approved. sixty people and been killed feminist protest thus far. writing in clashes have end of this country over the past week. monitoring the pictures of what appears to be a firestorm of fireworks being shot off. you can hear them. any new developments as they happen. dennis: it does not look good. it is the bottom of the hour. stocks every 15 minutes. nicole petallides at the nyse. >> reporter: well, let's take a look at ralph lauren, and then that obviously has been in the forefront, gained about 18 percent over the past six months. now has very heavy options trading happening, and this is according to add depth charge. there is basically a lot of folks now trading options and using an alternate way to get in on ralph lauren, and this really, many of the people who are doing these option trades are actually holders of ralph
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lauren and are protecting themselves as hedges and insurance in order, just in case the stock goes down. high over the last year. this is basically what we're telling you, four times the average daily by in in total option value, as a very busy on rough terrain. keep an eye and it. dennis: good stock story. ride the wave. that is the advice. my good friend coming on in at the last moment. talking about what we are seeing today with these numbers. you are bullish. >> i am. and like that comment, ride the wave. we have entered a sweet spot where the n -- data is unabashedly positive. we don't have any negatives in the immediate future. we don't have real negotiations going on get in washington, and the fed is still on hold, today's date it definitely would, in my eyes to move the date of their hiking rate a little bit sooner.
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cheryl: the target is six and a half percent. we went up today. >> my point being is, we are still far off. cheryl: if you look at the other -- the average of jobs data. we get that report out, i think one of the pieces in the market to buy market, earnings. it seems like we still don't have that 300,000 growth rate for the jobs picture that we need. why is the market, do you think, kind of ignoring at a rally higher? >> probably simply because the reached -- trajectory is in the right direction. the pendulum of economic data is consistently getting better. there was a time, particularly last summer were the data was disappointing, but now it has really picked up steam, so we are on at 300,000, but if you take today's data, add the revisions, you are close to 300,000 in terms of new jobs created. we need to sustain that for a while, and that it is quite possible if you looked at the weekly initial jobless claims that we will sustain that which
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is why there is probably more room for this market to go. cheryl: january, this is the best kickoff to the your that we have added almost two decades percentage wise. getting back to where we were five years ago, again to october october 2007 bombing, but i have to go back to those jobs, jobs recovery. it does not matter at this point. >> i think we are seeing today is an indication that maybe it is not a jobless recovery but simply a delayed recovery. obviously it could be better, but today's news and the jobs front was unabashedly positive. and it creates a positive feedback. if more people are employed, they're spending more. if they're spending more, corporations will spend more on hiring, building more factories, increasing inventory. that sort of positive feedback loop is very important and also going on in housing. cheryl: some of the moves he made a couple of weeks ago for your clients. going in and doing selective stock picking, packing up stocks you felt were beaten down, apple, others. what are you going to do now?
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ride the wave to me says just ride the wave and a buy anything else. >> less talk about that. one month into the year and we are up -- i will rounded to 6% in the market as a whole. you cannot annualize that, now we are ahead of ourselves, but i think it is quite likely that we are on our way to new highs. what you do is play the cyclicals. still a lot of room for the cyclicals to give you a big bounce, and that the key is to match the s&p 500 approaches the 1570-1572 range, that is where we have to look at if it will set a new hire not. if it does, the news media, including you, will be all over the air and say we hit an all-time high which will certainly give retail investors in of the sidelines and will continue. cheryl: talking about the stocks he wants to buy. the clothes on the s&p 500. thank you very much. >> always good to be with you. dennis: we go.
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do not forget the big game. it is all about the commercials, baby. and up to $4 million for half a minute, we can expect to see some of the best of the year and maybe some of the worst. here to weigh in, ceo of united entertainment which works deals between is hollywood and sponsors. so impatient. super bowl ads role of weeks before online. one master of this is doritos. >> successful for the last seven years. this year they are repeating with michael babying the ultimate prize for the winter, the film director. the winner gets to work with michael blake. dennis: put up by an actual smacker, and it could be one big to go on the super bowl. humor and animals. >> humor, animals, and babies. they always went. dennis: the ultimate ts. mercedes-benz, over five and a half million people look at the
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subsidy kate upton as online. there she is in all heard jury -- glory. objectification of a woman who makes millions. but the ad runs in the super bowl will not be the ad. why? >> it is all about the ts. what they're doing is trying to get -- aggregate as many consumers to get excited, 72 nadab time to see what it is. it would not be surprised if there is another inside. dennis: why not run the ad? >> that is exactly why. the super bowl is viewed as the largest new platform in the world. you don't want to offend. you want to bring people up to the door, but not opening up. dennis: acts versus old spice, a big sponsor of nfl games all year, now up comes acts body spray. >> a very smart move.
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they came in in a very guerrilla sort of way. dominating the internet right now. they are leading the consumers to come to the super bowl ad. right now there are appealing to the and demographic. dennis: 13 year-old boys to use this product. the outcome of the last one was a volkswagen ad. some are saying it is offensive began as a very white guy with the jamaican accent going on line early meant that a lot of people criticized. >> it's a huge risk. if you're going to go on line early, risk and reward. this case was a risk and loose. cheryl: think you. the only thing i will be watching as the commercials to might think. i don't care what the teams. money in the cloud, how you can prosper from the growing numbers of computer data centers. dennis: the nightmare gets worse. the dream liner maker boeing now threatened with a strike. details ahead. cheryl: when it rains it pours. we will be right back.
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♪ idn't see them coming. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers.
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♪ >> here is your fox business brief. the dow industrials above the 14,000 mark for the first time since the financial crisis. really looking at gains thanks in part to the january job report. the work force ad, 157,000 jobs last month. the unemployment rate did take up slightly. the private sector added 156,000
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workers. and the big three auto makers all reported it triple digit monthly sales increases this january. gm and chrysler were both up over last year. of 22%. and it was a strength in refining and chemicals that drove profit at exxon mobile in the fourth quarter. the company earned over $9 billion. better than expected $2.20 a share on revenue of $115 billion. that's the latest from left the fox business network, giving it power prosper. [ male announcer ] i've seen incredib things.
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the opposition says it is a power grab by the muslim brotherhood of failing to deal with the country's mounting woes. who will monitor the situation and bring you updates as we get them. cheryl: back to business. money in the cloud. cashing in on computer data centers. digital realty, the trades of the new york stock exchange and the stock symbol of is a leading provider of data centers in the world. joining me now, thank you for being here. if there are only three of these type in existence right now, they're publicly traded. >> that's right. there is actually a fourth that has come on the scene. but it is a small sector in terms of the real-estate world. cheryl: 94%, your portfolio is leased out. the average term, 14 years. >> people, the corporate enterprises, the club providers, content delivery, they all want long-term leasing. that stable, high-level
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operating environment because it is so important. these are mission critical facilities to muzzle the want to know they have a strong landlord and can be in one place for one time. cheryl: let's talk about the overall dividends because you have 110 properties in nine countries, paying a dividend, 17 percent is the average annual rise for the dividend. do you think you continue to see that happening? that is a big percentage is what i'm saying. cheryl: we will continue to raise the dividend, not at that level, but certainly a very happy world to our growth of earnings. and so we have a very strong earnings, very high quality, very predictable and extreme because of our star portfolio and our strong balance sheet. cheryl: is there a shift in geographics direct normally you would think they centers would be international, you know places like nba emerging markets, things like that, but there seems to be a strength in this country. why is that? >> so many large corporations here. the innovator in terms of cloud
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services and content delivery. so the whole united states economy and especially the large corporations, they want their data centers in the u.s. they want access for their i t departments to the facilities. very important, but at the same time, we are growing quickly in europe, growing even quicker in asia pack. serving those markets, and oftentimes with u.s. companies. so having that footprint public gives us the opportunity to serve our customers as they grow to around the world. cheryl: your stock is about 200%. that is quite an amazing run. but this dire prediction, commercial real-estate overall, collapsing, and it did not happen. did you capitalize on that moment three years ago? >> we certainly did, and we continue to develop our data centers because we saw the demand from the eye to world, a top world, so we have been building 800,000, to millions graffiti your data centers to be able to capture that demand.
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we do all of the i teach france that we enjoy today we're roy to continue. cheryl: iphone then android then everything else. companies, it's all about the clouds and storage. dennis: a quarter till top of the hour which means stocks now. nicole petallides said the nyse. take a look to some of today's movers. >> reporter: you got me all hopped up for the super bowl now. jersey day at the new york stock exchange. someone with that jersey on, and we wanted to get ready for the super bowl. movers' ago along with it. profits on the rise. raise prices. feed costs more because the drought that we have seen. they have buffalo while delays yesterday. give you a finding that if you bought buffalo wildlings the last trading day of january and sold at the end of february, you would have an average gain of over 13 percent.
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already higher. you'll continue to follow the story with the department of justice up three nap%. also, a domino's pizza at a new 52 week high. i don't know what's on your menu, but i'm sure some people. back to you. dennis: just in time for the super bowl. thank you very much political. ♪ cheryl: and it is time for your westcoast minute. the news may go from bad to worse. seattle plane maker boeing, a union representing 23,000 engineers and white-collar workers to one strike. union leaders plan to hold the vote to authorize a popular strike. member say yes it could begin immediately. working on efficiency plans to hire replacement workers if the strike happens the stock has and underline the pressure even after earnings came out. the stock is up more than a dollar. california no longer has the worst a credit rating. s&p upgrading california debt the a from a-sizing be improving
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economy, balanced budget, and fiscal initiatives sought by governor jerry brown. now illinois is the worst in the nation when it comes to its debt. the s&p five estates, pension crisis. also in the golden state combat that california department of finance released figures showing that in early 2014 hispanics will become the largest ethnic groups. that they did disclose that governor brown's budget proposal last month. right now whites and hispanics each represent 39 percent of the state's population. nellie will become the largest class of residence, predicted they will account for 40 percent of the state populace. dennis: when we get back to matt apple and h-p of teaming up by a new deal to at his chest to apple's biggest flop, apple tv. cheryl: mixed marks and some fear and you get a new monastery. thanks. you have to hear this story. it's interesting. ♪ [ engine revving ]
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dennis: today's media minute, beginning with breaking news. nbc president is meeting the network. a note to employees saying he has a new direction. comcast stock is probably up like all, not so much on that news. apple is in talks to carry time warner's hbo go at one apple tv which would at hbo shows like game of arms to are rare apple flop, tvs sold 2 million units in december. the iphone sold almost 50 million. and netflix getting too big for its britches. competing with its hollywood partners for its first original series, house of games. all 13 episodes available for screening today. netflix said to spend 52 under and the $2 million. big risk. and super bowl, some of the
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biggest sales gains sparked by the pigskin marketing showcase, not for the product pitch, but the songs sung by the artists of the halftime show. after madonna played super bowl last year digital sales of like a prayer soared 24 fall the next week. even the who in 2010 saw sales or more than sevenfold. cheryl: and not going to sing. a match made in heaven. one of the nation's leading kraft ashbery's is teaming up with months from northern california. dennis: in an effort to restore its 16th centuries but -- spanish monastery brought to the u.s. by an unlikely savior, william r. hearst. joining as with the details, fox is claudia kaelin. >> reporter: well, it might all seem so improbable, the small monastery in northern california teaming up with the brewery to raise money, but, in fact, been making craft beers and ales for centuries command is unique collaboration is
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something to preserve a piece of monastic history. so the monks in this tiny abbey in california, one prayer has been answered. the rebirth of this gothic chapter house bill from the same style as the support of the orders original 12th century monastery in spain. >> you can see the different colored in their midst seven of the medieval era. >> the father has been decades working to rebuild the monastery here and add to its rich history . in 1930 william randolph hearst acquired the main buildings from spain, but his plans to rebuild a monastery in california never materialized, and the crates containing the disassemble stones linguistic and san francisco for decades. eventually, the monks undertook the restoration themselves with the help of the sierra nevada brewery in nearby chico.
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together they developed a plan at details there in that trappist monk tradition. the line is helping sierra nevada branch out well some of the proceeds have helped fund this architectural marvel, a reunion for the pillars that witness to this same order of monks centuries ago. >> back home, and i think they're happy about that. they're singing again, if you can put it that way. cheryl: the abbey hopes to raise another 2 million to complete the restoration of what will be just the third medieval building in all of america. a remarkable achievement that comes from strong faith and the monks hope strong sales of this brew with the back story. back to you. dennis: thank you very much. age 65 is no longer the golden age for retirement. for more and more according to a report by the conference board, 66 percent of americans now have
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plans to push retirement of a few years, many setting financial loss as a driving force in the decision. a jump from 42% 2 years ago which shows you kind of their missing out on the market rallied. cheryl: we have a very nice rally today. 13,997. a huge day for the market. the dow and s&p, we have not seen these levels since october of 2007. melissa and large will have some smart money ideas for your investments. take a look at that chart. dennis: and chief market strategist jeffrey klein is one of those guests. he is not so enthusiastic. the feed from the jaws of victory and will tell melissa and lori why. ♪
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